U.S. Senator Susan Collins released this statement after announcing that she would vote to support the debt compromise reached this week between congressional leaders and the President.
"There is no question that defaulting on our obligations for the first time in our nation's history would have had dire consequences for our economy.
"At the same time, our $14.3 trillion debt is also a threat to a strong economy. Reducing this unsustainable debt is in the best interest of America. We must do so carefully and responsibly.
"While this plan is not perfect, it is a step in the right direction. It averts default, puts real controls on spending, makes significant reductions in our long-term debt, protects Social Security, and provides much-needed certainty to our job creators.
"I support this plan, however, with serious reservations. A special committee will be created that will be charged with finding additional savings later this year. I am concerned that if this committee cannot agree on a plan for additional spending reductions and to reform our tax code to make it fairer for all Americans that an automatic legislative trigger could result in ill-advised across-the-board cuts. Such cuts would hurt current Medicare beneficiaries by lowering payments to doctors, hospitals, and home care agencies in rural and underserved areas.
"In addition, while it is important that Congress continue to work to improve efficiency and reduce wasteful spending within the military, I am very concerned deep and indiscriminate cuts could threaten our national and homeland security. Our senior military commanders are unanimous in their concerns that a severe reduction in defense funding could eventually sap the strength of our military and threaten the safety of our troops. General Dempsey, the next Chairman of the Joint Chiefs of Staff, has testified that implementing what could be nearly $850 billion in defense cuts would be extraordinarily difficult and pose a real threat to our security. There is no doubt we must control spending, but protecting its people is the first priority of government. Such severe cuts to our national security would not be in the best interest of America."
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